All Forum Posts by: John Horner

@James Case , nice!

I actually just sent out my 6th mailer and for the first time put our website on the postcard. I did not get very good results. We got a much lower call rate, a very high website spike during the 3 days the mailer hit but not a single form submission on the website.

I think I am going to stick to a single form of contact on the mailer from now on.

You should have an idea of what the property needs, but it is the buyers responsibility to do their own due diligence. To be honest all contractors are different, so one could quote $19k on a job that another bid $30k (I use these numbers because we recently had this situation). We try to portray the rehab costs somewhere in the middle.

Depending on how you structure the bank may have a problem with the assignment fee on the HUD, and definitely couldn't double close due to seasoning. I would stick with the cash buyers unless you are an agent and can list it yourself.

Just my opinion, the 3 min message is way too long. Why bore people and force then to hang up. If you're calling them all back anyway it doesn't matter. You will get way more messages if you use a simple message.

Well you may have answered your own question. If you only feel comfortable seeing a property yourself before putting it in contract, then maybe remote wholesaling is not for you. I still live in the area I farm but sometimes use resources to go see properties when I can't get out to them. As far as finding ARV, you will find that online.

This is an idea that maybe not many have thought of, but it's what I did, and it WORKED. Now this was not at all my goal when I started out, but it's what ended up happening, and looking back it couldn't have happened better!

I started back in October of 2013 sending out small mailers, created some cheap websites and posting multiple craigslist ads per day.

Posting some of my deals on BP got the attention of a local cash buyer who went to look at my first wholesale, and he bought it less then 2 weeks later.

In early November I got another lead from one of my CL ads. I didn't put the property in contract, I didn't blast it out, I simply called my ONE cash buyer, we went and looked at it and he put it in contract that day!

He saw that I was bringing in good deals and I saw that he knew what he was doing as far as estimating rehabs and basically running a real estate investment company.

We decided that we worked well together and to structure a business so that we split the costs of marketing, and based on a loose formula, if he purchased the property he would give me half of the profit of a fair wholesale. If he didn't want the property, we wholesaled it together and split the profit 50/50.

To date he has purchased 4 of my (our) 5 deals, and we have wholesaled one together. We have another in contract now and 1 pending. We are up to 5000 mailers a month, 3 VA's for SEO and Ad posting as well as tripled our budget for PPC to our websites. We are now working on a structure to do fix and flips together along with wholesales.

Don't be afraid to give up 50% of your potential profit to someone else when they can help you grow your business in ways you hadn't imagined.

I have the same problem. Called a bandit sign the other day and said "I'm a cash buyer, looking for properties now, call me back" and it took them 3 days to call back, and left a msg to call them back at the same number, which is an automated vmail that lasts 2 minutes and explains what a motivated seller is suppose to do. I guess they don't want my money, or they just don't have deals.

Based on the market rent that's a pretty good deal for a landlord investor. You'll be just under the 2% rule in a low crime, working class neighborhood with some equity to sweeten the pot.

However, you still didn't mention the current rent. If it is renting for $600/mnth now and the investor has to honor that lease for another year you're going to have a real issue.

Mentors aren't found by asking for a mentor. They are found by getting out there, taking action, and clicking with someone who sees potential in you. If you're not willing to invest in yourself and take action, why should a mentor invest in you?

Go to your local REIA's, find unlisted deals, do whatever you can to get in front of the people who are doing what you want to do.

Initially, at least in my area, they are not. The condo fees are typically high and eat of a lot of cash flow that may be had. I get a lot of calls on condos that rent for $500-$600 and the fees are near $150/month... there goes all my potential cash flow.

We need more info to make an educated decision.

Monthly Rents?

Condo Fees (and what's included)?

Taxes?

Insurance costs?